- An anonymous whale just transferred over 629,000 ETH.
- The recipient is Compound, a DeFi company allowing investors to earn interest on crypto.
An anonymous whale just shifted over 629,000 ETH—worth over $1.3 billion atcurrent price—to the contract.
The whale—a term used to denote entities who hold massive amounts of crypto—made the transaction at 07:53 UTC this morning from an unknown wallet.
The recipient wallet is the crypto they save. It’s similar to putting money into an interest-bearing bank account.for Compound, a (DeFi) protocol that allows traders to earn money on the
Coinciding with the whale move is Ethereum’s price surge over $2,000; Ethereum set an all-time-high today of $2,152. To make the transaction happen, the whale paid a gas fee of 0.0205 ETH—just over $43 at Ethereum’s current price, $2,113.
Gas fees, paid to miners to execute the transactions, are dynamic and operate in an auction-style market. Network congestion and the availability of miners determine the fee quoted at any given time, rather than the value of a transaction.
And $43 to help a whale to move $1.3 billion is a drop in the ocean.
The Compound contract also received 298.7 ETH, or just over $627,000, from another unknown wallet yesterday, and 13,000 ETH (over $27 million) four days ago. Its current balance is 2,389 ETH, which is just above $5 billion.
The sender, the whale, usually trades , not ETH. The wallet now lists a balance of 333 ETH, close to $700,000.
Whales love DeFi protocols. There’s even a tracker to keep tabs on whales making waves across DeFi. UniWhales, launched in September, sends real-time updates on Telegram about big transactions on decentralized exchange Uniswap.
And sometimes the mysterious whales decide to come forward.
When Beeple’s artwork sold to a whale for $69.3 million, the whale identified himself under the pseudonym "Metakovan”. Crypto journalist Amy Castor later revealed his identity as crypto entrepreneur Vignesh Sundaresan.
Ancient Bitcoin whales spark curiosity because the owners of old wallets are often presumed to know or be in some ways associated with Satoshi Nakatomo, Bitcoin’s mysterious creator.
In the past, their movements also plunged Bitcoin’s price because the value of the tokens had accrued to huge amounts, and any major selloff shocked the market.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.